24.10.202405:23 Forex Analysis & Reviews: Forecast for GBP/USD on October 24, 2024

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Yesterday's weak attempt by the price to initiate a minor correction was suppressed. The quote dropped by 62 pips, reaching the lower boundary of the ascending price channel.

It might seem that the target has been reached, and the bears could take a break and allow for a small correction. However, it opened below the channel boundary today, shifting the sentiment toward continuing the movement to the next target of 1.2859.

On the four-hour chart, the price has consolidated below the price channel line (at the 1.2925 level).

The Marlin oscillator is weak, and the probability of a decline to the specified first target stands at 70%. The continued pressure from the dollar today could be tempered by PMI indexes and new home sales data in the US, which are forecasted to show slight improvements.

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